Well my situation is this:
- Bought T500 from Amazon, noticed an issue with the wheel immediately, which was a distinct 'lump' in the rotation.
- Reached a conclusion this was from a warped belt. The V.2s appear to have left the factory in early 2011, which means the belt was sat in this position for roughly two years.
(No surprise then, that the lump is still there after two months of use and storing it in different positions.)
- Get confirmation from Amazon that they have version 5, and they send me a V.2, which I send straight back.
- Get them to check again very thoroughly what version they have, and they say 'V.4' so they send me a third V.2.
I now have the original V.2 and the third (untouched) V.2 in my room. Even if I ignore the lump, which is less prominent now, I'm finding further problems. It's now making a loud fan noise (different and louder than the first few weeks), the pedals are staring to squeak, the whole wheel squeaks under load, and in the last few days it has started to miss upshifts on the right paddle. Haven't noticed any loss of torque though.
So what do I do? The fresh V.2 that I received appears to be just as old, so could well have the same problems. I could send both back and just get a refund and forget about this product, I could send the old one back and try the new one for a while, or I could send the new one back and see if they want to send me yet another replacement (unlikely). Or.... I could actually contact Thrustmaster. But their line is 'they're all the same'. An Amazon supervisor contacted Thrustmaster while I hung on the line, and they said 'the only difference is the firmware' to him too.